Sometimes, even the most boring stocks can hold the most potential. Look at quantum computing stocks to buy, for example. With it, we can solve complex calculations at high speeds.
Japan’s MUFG Bank recently invested in a quantum computing company, seeking to use the technology for complex transactions with derivatives trading, and asset risk management. Even Google (NASDAQ:GOOG) recently claimed its quantum computer can perform calculations in an instant, “which the world’s most powerful supercomputers would take an astounding 47 years to complete,” as noted by the Daily Mail.
It could even help reduce the need for human and animal testing. Quantum computing may even help speed up financing and data speed. It may even be able to help with climate change issues and the potential discovery of CO2 catalysts. No wonder the industry could one day capture about $700 billion in value by 2035, according to a report from McKinsey.
That being said, here are some top quantum computing stocks to buy now.
IonQ Inc. (IONQ)
The first time I mentioned quantum computing stock, IonQ (NYSE:IONQ), I noted, “It’s working with Amazon (NASDAQ:AMZN) to bring the 25 qubits IonQ Aria to the Amazon Bracket, or the Amazon Web Service for quantum computing. This means Amazon can now work on developing software and services on IonQ computers more easily than before.”
At the time, IONQ traded at just $4.56 on March 13. Today, shares of IONQ are up to $14.72 and could see higher highs. Better, the company just increased its 2023 bookings estimates by 25% to a new range of $45 million to $55 million.
At the midpoint, the company expects more than 100% growth in bookings year over year. This follows news of IONQ’s deal to install two quantum systems in Europe.
Defiance Quantum ETF (QTUM)
On March 13, I also mentioned opportunities in quantum computing ETFs to buy, including the Defiance Quantum ETF (NYSEARCA:QTUM).
At the time, it traded at $44.30. Now, it’s up to nearly $51.43 and could see higher highs. With an expense ratio of 0.4%, the ETF provides exposure to companies at the forefront of cloud computing, quantum computing, machine learning, and other transformative computing technologies, at a relatively low cost.
Some of its top holdings include Wipro Ltd. (NYSE:WIT), Accenture PLC (NYSE:ACN), IBM(NYSE:IBM), Micron Technology (NASDAQ:MU), Nokia Corp. (NYSE:NOK), and ON Semiconductor Corp. (NASDAQ:ON). If you were to buy each of these stocks individually, it would cost far more than the $51.43 price tag on the ETF.
Nvidia (NVDA)
No list of quantum computing stocks to buy is complete with Nvidia (NASDAQ:NVDA) these days. It’s already involved with artificial intelligence, machine learning, and just about everything tech related.
When I included Nvidia on my quantum computing list of stocks to buy on March 13, it trades at $229.65. It’s now up to about $440 a share, and booming. In fact, I wouldn’t be shocked to see NVDA at $500 by Sept. 2023. Impressively, when it comes to quantum computing, NVDA may be a leader here, too.
Remember, NVDA released cuQuantum, a software development kit (SDK) of optimized libraries and tools for accelerating quantum computing workflows. Also, with NVIDIA Tensor Core GPUs, developers can use cuQuantum to speed up quantum circuit simulations based on state vector and tensor network methods by orders of magnitude, as noted by the company.
In July, it also announced, “a unified computing platform for speeding breakthroughs in quantum research and development across AI, HPC, health, finance and other disciplines. And as noted by InvestorPlace contributor Joel Baglole, “Without Nvidia’s technology, much of the improvements of quantum computing, AI, and other areas of science wouldn’t be possible.”
On the date of publication, Ian Cooper did not hold (either directly or indirectly) any positions in the securities mentioned. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.